Thank you, Mr. Chairman.
We're pleased to have the opportunity to appear before you to discuss our activities in the Atlantic lobster fishery. I'm joined this morning by my colleague Paul Seipp, who is BMO's commercial area manager for Nova Scotia.
I am extremely proud of how our team has been working to serve customers in Atlantic Canada. On the commercial banking side, more than one in four businesses in the region have chosen to do business with BMO Bank of Montreal, and our market share continues to grow. We intend to continue that growth and reach the number one position.
We bring a strong commitment to our customers throughout Atlantic Canada, including those involved in the lobster industry and the wider fisheries industry. In fact, for loan authorizations under $5 million, BMO has provided $142 million to businesses in the saltwater fishing industry in Atlantic Canada. That's 35% of the market among banks.
As all of you know, the Atlantic lobster fishery has been hit hard. The economic downturn has led to falling demand, particularly in the important U.S. market. The result has been a collapse in prices to a 20-year low of below $3 a pound. No wonder Leonard LeBlanc of the Gulf Nova Scotia Fishermen's Coalition has said that the current price for lobster has made it cheaper than lunch meat.
BMO is committed to standing by our customers both in good times and in difficult ones, and we are committed to standing behind them now. Across the region, we have very seasoned bankers who know their customers well. Many of our employees live and work in the community and have seen first-hand the effect the current downturn in the lobster fishery is having on neighbours, friends, and family. We understand what they are going through.
When it comes to lobster fishers, we accept most requests for loans, and we are sticking with our clients when it's time for loan renewals. Our bankers are armed with high discretionary limits, which ensures that lending decisions are made by those bankers right in those communities--bankers like commercial account manager Rob MacLeod, who takes regular trips with his clients out to drop pots on the opening day of lobster season. Our message to our customers is this: come in and see us for a conversation about your financial situation so we can help you through this difficult time.
By the way, Mr. Chairman, for the benefit of my fellow bankers here today, we're delighted to see their customers too.